In 2019 things are extremely different than they once were when you were a child. Kids didn’t have their own smartphones in the fourth grade back in the day, so with these changing cultural dynamics comes the demand for children to often be more aware of how finances work. Gone are the days of handing your son or daughter five dollars and off to the local shopping mall they would go for hours. Currently it requires a heavy cash flow to have a child, and what better way to introduce them to learning responsibility than looking into getting them a debit card?
If the mere thought of giving your child a debit card terrifies you, know that there are some great options that are totally secure. Parent controlled funding is growing massively this year, and you can totally have control of each purchase your child has made, you can set limits on how much they can spend, and even some offer notifications that you can sign up for where they’ll contact you every time the card is utilized. It’s safer than giving a child cash that they can lose, or that you have no idea what they actually spent it on by using the card system instead.
According to the folks at Biz Journals, Greenlight CEO Tim Sheehan speaks about the vast importance of teaching financial responsibility to young children sooner than later. It sets the standard for years to come on how to make smart money choices, and allows your child the freedom of being independent enough to use their own debit card. It’s a win-win for all involved!
Dorathy has an economics minor from York University in Toronto, Ontario and worked for one of Canada’s largest banks. She will share her own financial tips and keep you updated on current finance news.